Hello Friend

Your plan:

ORS

http://www.Michigan.gov/ORS

------------------------------

In this issue:

• From Anthony's desk
• A cautionary note about financial presentations
• Using MILogin for miAccount
• Cybersecurity terms
• Invest in yourself, now and for your future

From Anthony's desk

Notes from ORS Director Anthony Estell

Welcome to your March 2023 issue of the Proactive newsletter.

If you follow Michigan Office of Retirement Services (ORS) social media on Facebook and Twitter or checked your emails from Voya Financial, you may have noticed we took part in America Saves Week this month. ORS is also participating in and raising awareness for Financial Literacy Month in April.

The reason for these outreach efforts is that your everyday personal finance choices and decisions matter.

ORS is focused on helping you along every step of your retirement journey:

• Getting started. Pay yourself first with automatic deductions for savings to assure your money accumulates toward your goals and necessities.
• Building savings. Put a plan in place and seek ways to save.
• Nearing retirement. When you near the end of your work career, ponder what retirement might mean for you.
• Just retired. Take steps to gain the most from your retirement savings after you retire.
• In retirement. Adjust and engage to find more satisfaction in your life.

We encourage you to discover more on your trek toward retirement.

View the online Planning Your Retirement presentation to get information about eligibility requirements, pension option choices, and insurance coverage. You might also visit the Voya Financial Literacy Knowledge Center, ORS’ Women & Retirement page, America Saves, and MSU Extension MI Money Health.

The small steps you take now help make your big plans happen.

Anthony Estell, director
Michigan Office of Retirement Services

A cautionary note about financial presentations

There are organizations out there that help you prepare for retirement. Whether it’s another way to invest or deciding when to retire, someone may approach you as you near retirement.

Do your homework before such presentations. They may be more a sales pitch or the information isn’t relevant to your situation. Most importantly, they are not affiliated with the Michigan Office of Retirement Services (ORS).

If you’re seeking retirement planning, look no further than ORS for more guidance and support that is specific to your plan. If you're unsure of your benefit structure or retiree healthcare plan, you can find out by logging in to miAccount. For enhanced security, MILogin is used to access miAccount.

Using MILogin for miAccount

If you have recently tried to access miAccount only to be redirected to MILogin, don’t worry.

ORS began using MILogin, the State of Michigan’s single sign-on application, in November 2021. The application provides increased security for accessing many online state services and systems.

If you used MILogin previously to access other services online (such as license renewal through the Secretary of State), you may already have MILogin and need only to add access to miAccount.

To do so, log on to MILogin, click Request Access, and use the dropdown to select the agency DTMB (Department of Technology, Management and Budget). DTMB is the business services provider for the Michigan Office of Retirement Services (ORS). Next, click to select ORS to gain immediate access to miAccount.

If you don’t have a MILogin account, you need to create one from the MILogin page. You then add access to any state services you want to use, such as miAccount, Secretary of State, or others.

See our MILogin Help Instructions for details.

Cybersecurity terms

Technology changes every day. As technology advances, so does the risk to our digital and financial security.

There are things to watch for to protect yourself.

Phishing: Phishing can be done by email (phishing), phone (vishing) and text message (smishing). The key component to identify phishing is the person creates a sense of urgency and asks for information they should already have if they were from a legitimate source.

Spoofing: Someone contacts you using an email address or a phone number that looks very similar to a legitimate one. The individual tries to make you believe the communication is real and asks you to click a link, send money, or provide personal information to them.

Malware: This gets distributed to your personal computer by inadvertently clicking on malicious websites, emails, or software. It can even be spread by using an infected USB drive.  There are several types of malware, and each can wreak havoc and put your sensitive personally identifiable information at risk.

It’s important to practice good digital hygiene. This means knowing how to choose your passwords, organizing your digital files, and adjusting the settings on your email, digital, financial, and social media accounts.

Invest in yourself, now and for your future

There are so many ways to invest in yourself for your well-being and for a better life.

It’s about figuring out how to best do that, whether through making commitments, improving your situation, or strategizing for a better attitude, habits, health, and mindset.

April is Financial Literacy Month. This is an opportune time to review your financial and life hopes and plans. Don’t be afraid to refocus if necessary.

The most fundamental steps toward financial wellness are:

• Establish a budget, a spending and savings plan, that’s realistic.
• Become a better saver.
• Manage your cash flow.
• Save automatically.
• Get professional financial advice for guidance and support.

 Other suggestions for your financial well-being include:

• Plan for unexpected expenses.
• Stay on top of things by getting organized and protecting your identity.
• It’s never too late nor early to start planning for retirement.

Plan ahead, be patient, and make adjustments to keep your desires, hopes, and plans in focus and goals on track.

Voya Financial services the State of Michigan 401(k) and 457 Plans through the Michigan Office of Retirement Services. Michigan State University Extension MI Money Health offers money management education, information, and more. America Saves is a nonprofit that encourages and supports households to save money, reduce debt, and build wealth.